Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up - What's Next?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $17.00, but opened at $17.63. Beam Therapeutics shares last traded at $17.99, with a volume of 687,575 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a research report on Monday, March 10th. Guggenheim reduced their price target on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Wedbush reissued an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. Finally, Royal Bank of Canada boosted their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $48.75.

Beam Therapeutics Price Performance

The business has a fifty day moving average price of $17.38 and a two-hundred day moving average price of $23.25. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -10.32 and a beta of 2.08.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $7.47 million for the quarter, compared to analyst estimates of $14.69 million. During the same period last year, the business earned ($1.21) earnings per share. The firm's revenue was up 1.4% on a year-over-year basis. On average, research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the sale, the president now owns 190,216 shares of the company's stock, valued at approximately $3,490,463.60. This trade represents a 3.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the completion of the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at $18,097,669.15. This represents a 3.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,771 shares of company stock valued at $803,198. 3.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Beam Therapeutics by 16.4% in the first quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company's stock valued at $173,256,000 after acquiring an additional 1,249,303 shares in the last quarter. ARK Investment Management LLC increased its stake in Beam Therapeutics by 20.0% during the first quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock worth $165,616,000 after acquiring an additional 1,412,060 shares during the last quarter. Farallon Capital Management LLC increased its stake in Beam Therapeutics by 0.4% during the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock worth $204,330,000 after acquiring an additional 31,000 shares during the last quarter. Nikko Asset Management Americas Inc. grew its stake in shares of Beam Therapeutics by 7.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company's stock valued at $83,265,000 after buying an additional 312,409 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Beam Therapeutics by 7.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company's stock valued at $83,332,000 after buying an additional 309,260 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.